ASIC bans former Macquarie risk adviser

Brian Farber was banned by ASIC after the regulator received information from the licensee concerning life insurance advice he had provided clients.

Following an investigation, the regulator found Mr Farber was “not adequately trained or competent” to provide financial services and had “failed” to comply with the law.

In particular, ASIC found that in a number of instances Mr Farber “failed to act in his clients' best interests” and engaged in deceptive conduct in relation to backdating a number of statements of advice.

“Consumers should be confident that their financial adviser is acting in their best interest,” ASIC deputy chairman Peter Kell said.

“The business model of simply 'selling' life insurance without complying with the legal and regulatory obligations will not be tolerated by ASIC and advisers who do so will be removed from the industry,” he said.

Mr Farber has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.